Tyra Biosciences (NASDAQ:TYRA) Stock Price Down 4.1% - Here's Why

Tyra Biosciences, Inc. (NASDAQ:TYRA - Get Free Report)'s stock price was down 4.1% during mid-day trading on Thursday . The stock traded as low as $15.75 and last traded at $16.05. Approximately 7,439 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 292,863 shares. The stock had previously closed at $16.73.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on TYRA shares. Bank of America raised Tyra Biosciences from a "neutral" rating to a "buy" rating and raised their target price for the stock from $22.00 to $31.00 in a research note on Friday, October 18th. Oppenheimer raised their price objective on shares of Tyra Biosciences from $25.00 to $33.00 and gave the stock an "outperform" rating in a research report on Thursday, September 19th. Wedbush reiterated an "outperform" rating and issued a $28.00 target price on shares of Tyra Biosciences in a report on Friday, October 25th. HC Wainwright restated a "buy" rating and set a $30.00 price target on shares of Tyra Biosciences in a report on Monday. Finally, UBS Group assumed coverage on shares of Tyra Biosciences in a research report on Tuesday, January 7th. They set a "buy" rating and a $28.00 price target on the stock. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $30.50.

Tyra Biosciences Stock Up 0.2 %

The business's 50-day simple moving average is $15.38 and its two-hundred day simple moving average is $19.17. The firm has a market capitalization of $819.21 million, a price-to-earnings ratio of -10.06 and a beta of 1.04.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.01). Sell-side analysts anticipate that Tyra Biosciences, Inc. will post -1.57 earnings per share for the current year.

Insider Activity

In other news, Director Nina S. Kjellson sold 27,493 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $16.56, for a total transaction of $455,284.08. Following the sale, the director now owns 458,506 shares of the company's stock, valued at approximately $7,592,859.36. This represents a 5.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alan Fuhrman acquired 9,500 shares of the stock in a transaction dated Wednesday, October 30th. The stock was acquired at an average cost of $16.00 per share, with a total value of $152,000.00. Following the purchase, the chief financial officer now owns 12,849 shares of the company's stock, valued at approximately $205,584. This trade represents a 283.67 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 58,731 shares of company stock valued at $1,185,162. 15.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tyra Biosciences

Hedge funds have recently added to or reduced their stakes in the business. HighVista Strategies LLC purchased a new stake in shares of Tyra Biosciences during the second quarter worth $257,000. Franklin Resources Inc. acquired a new position in Tyra Biosciences during the 3rd quarter worth $278,000. Valence8 US LP purchased a new stake in Tyra Biosciences during the 3rd quarter worth about $310,000. SG Americas Securities LLC acquired a new stake in Tyra Biosciences in the 3rd quarter valued at about $311,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Tyra Biosciences in the 3rd quarter valued at about $333,000. 84.14% of the stock is currently owned by institutional investors and hedge funds.

About Tyra Biosciences

Tyra Biosciences, Inc, a clinical-stage biotechnology company, develops precision medicines for fibroblast growth factor receptor (FGFR) biology in the United States. The company offers SNÅP, a precision medicine platform that enables drug design through iterative molecular snapshots to predict genetic alterations for developing therapies targeting oncology and genetically defined conditions.